Cryptocurrency Will Be Relevant Despite FTX-Black Rock
2022.11.30 12:54
Cryptocurrency Will Be Relevant Despite FTX-Black Rock
Budrigannews.com – (NYSE) BlackRock Inc. On Wednesday, Chief Executive Officer Larry Fink stated that although the now-bankrupt FTX crypto exchange appeared to have engaged in “misbehaviors,” the technology behind crypto is still relevant for the foreseeable future.
Fink stated, “We’re going to have to wait to see how all of this plays out (with FTX).”I mean, we can make all the decisions right now, and it appears that there were misbehaviors with significant repercussions.”
He offered the remarks at an occasion facilitated by the New York Times DealBook, adding he accepts that most crypto firms “won’t be near” from now on.
FTX claimed that it could owe more than one million creditors when it filed for Chapter 11 bankruptcy protection on November 11 in the United States.
He stated that BlackRock invested $24 million in FTX via a billionaire fund it manages. Additionally, investors in Sam Bankman-Fried’s FTX include venture capital fund Tiger Global, global asset manager Temasek Holdings, and Sequoia Capital.
Fink stated that he believes the technology behind crypto “will be very important” despite all of the issues surrounding FTX.”Added he: Tokenization of securities will, in my opinion, be the next generation of markets and securities.
Earlier on Wednesday, U.S. Treasury Secretary Janet Yellen urged regulation and stated that she remains skeptical of cryptocurrencies.
Fink painted a gloomy picture of the economy, citing a rate of inflation that was higher than usual, increased interest rates, slower growth, and a limited amount of room for fiscal stimulus.
He stated, “We’re actually going to enter a period of more malaise.”We simply won’t have an economy that is based on real growth as it was before.”
Nonetheless, he believes that the investment climate is more favorable, particularly for investments that rise in tandem with interest rates.
